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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
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